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First-Time Homebuyer’s Guide: How to Be Mortgage-Ready

If you’re a first-time buyer, getting a mortgage can be daunting. There are many things to consider, and it’s important to be prepared before starting the process. Things can be easier with the help of mortgage advisors in the UK, but you may get started with this guide. 

What Are the Things to Expect When Buying Your First Home

Your first home purchase should excite you because it will start a new chapter in your life. This article will enable you to concentrate on what’s important—finding your first home—while house hunting.

What Is A First-Time Buyer? 

To qualify as a first-time buyer, you must not currently own a residential property or an equal interest in land located anywhere else in the world.

New buyers are now eligible for particular programs and receive the necessary Stamp Duty reduction. These benefits, for which not everyone is eligible, may greatly lower your out-of-pocket home purchase expenses.

If you did, whether you did it alone or with others, you must all comply with the rules for first-time buyers.

You are not qualified to make your first home purchase if:

  • the home was either a gift to you or something you previously inherited
  • previously, you bought a house through a financial institution on someone else’s behalf using an alternate financing plan
  • you were mentioned in the title deeds of a house someone else purchased

However, you might be qualified if:

  • you have already purchased a property in your capacity as a trustee, except in circumstances when you are also a trust beneficiary
  • the non-residential or mixed-use property has or ever had a house on it, do you currently own it or have you ever owned it
  • the stake you bought is represented by the transfer or assignment of a lease with less than 21 years left on the term

If you want to know more information, you may need to seek a mortgage advisory service. 

Getting A Loan

Many people still opt to buy a home, even knowing it is the most expensive purchase they will ever make. How? One obtains a mortgage.

A mortgage is a sizable loan. You need to get a loan from a lender to buy a house. In the end, you repay the amount and accrued interest. 

This typically occurs all at once over a lengthy period or gradually with ongoing monthly payments (also known as a standard repayment mortgage) (generally known as an interest-only mortgage).

You have to put money down when you apply for a mortgage. The deposit, which is calculated as a proportion of the price of the home you want to buy, has to be at least 5%. The remaining sum, also referred to as the loan-to-value (LTV), may equal up to 95% of the property’s value.

A mortgage is a secured loan in which the item you buy serves as security for the loan. The lender’s ownership interest in the property is reflected in the title deeds at Land Registry. 

They have the right to repossess the property if you cannot make your payments on time. Depending on the sale price, you can potentially forfeit your deposit at the time of repossession.

Consistent Payments

Paying a mortgage each month is the same as paying rent, except that your mortgage lender receives your payment instead of your landlord. Your monthly payments may change depending on whether you pick an interest-only or repayment mortgage.

How Long Will You Have A Mortgage?

The mortgage term refers to the time it takes to repay your loan. Depending on the situation, this can be anything up to 35 years, and will be determined by the amount you would like to pay each month and your age. Typically, you can spread your mortgage to be repaid up to the oldest applicants 75th birthday with some lenders.

Establish your monthly budget before making any final decisions because the term you choose will affect your monthly payments and the total interest you pay. It will assist you in comprehending the term that you should consider, given your capacity to make payments. 

The overall cost is cheaper with a shorter period, but the monthly payments are higher.


First-time buyers need to be aware of the various mortgage options available and select the one that best suits their purchase needs. They should also be aware of the different types of charges associated with a mortgage and compare different lenders to find the best deal. Lastly, they should ensure that they are financially prepared for the mortgage by having a good credit score and saving for a deposit. For more tips, you can also look for a mortgage advisor in Brighton to ensure you’re fully equipped for a mortgage loan. 

Everest Mortgage Services know that there are several things to consider when getting a mortgage for your first house. As industry leaders, we are committed to providing personalised advice suited to your particular situation. Talk to expert mortgage advisors in the UK today!